Contact centers are the primary point of interaction between customers and businesses in the consumer finance industry. Contact center automation enables companies to provide better customer service, handle large volumes of customer requests efficiently, and ultimately, increase their bottom line.

The advantages of contact center automation for consumer finance

Automation can help consumer finance companies in numerous ways. Here are some of the key benefits:

Streamlining contact center operations

Automated systems can take on repetitive manual tasks, freeing people to focus on more complex tasks. For example, an automated notes solution can significantly reduce the amount of silent time in calls and after-call wrap time, removing agent stress and distraction and allowing them to attend to the customer.

Compliance

Automation can help businesses comply with regulations. Automated systems can ensure that all customer interactions are recorded and monitored, making it easier for businesses to comply with regulatory requirements. And while compliance used to require a random sampling of calls and the manual effort of listening to the entire conversation, AI-powered solutions can analyze, tag, and score every single call at speeds that would be impossible manually.

Using AI automation to guarantee 100% call coverage dramatically reduces the workload of QA and compliance teams while mitigating risk.

‍Cost reduction

Automated systems can handle a large number of customer requests, reducing the need for human agents. This leads to a decrease in labor costs, as well as a reduction in the cost of training new agents.

Improved efficiency

Automated systems can handle repetitive tasks, freeing up human agents to focus on more complex tasks. This leads to a decrease in agent burnout and an increase in agent productivity. Real-time agent assistance solutions powered by AI can also reduce ramp time for brand-new agents by up to 50% by coaching them through calls and providing a safety net that allows them to learn on the job.

Personalizing customer experience

Automated systems can analyze customer data to provide personalized responses to customer queries. This not only enhances the customer experience but also builds customer loyalty. Standardized notes allow agents to quickly review and locate relevant information during next-call servicing, providing a more positive experience for the customer.

Scalability

Automation can help businesses scale their contact center operations. Automated systems can handle large volumes of customer requests, making it easier for businesses to expand their operations.

Customer Satisfaction

By removing repetitive manual processes, agents can focus on connecting with customers and managers can focus on improving systems and training. In addition to all of the benefits we’ve mentioned including personalization and increased attention to customers during interactions, relieving stress on agents and freeing up management time to support agents so they can support customers.

Key consumer finance contact center automation tools

‍Intelligent call routing

Automated systems can route calls to the most appropriate agent, based on factors such as customer history, agent availability, and skill set.

Virtual agents

Automated systems can provide customers with virtual agents that can handle common queries, freeing up human agents to focus on more complex tasks.

Automated notes 

Creating call notes is laborious and can distract agents during calls. Automated notes solutions that use AI to generate call notes in seconds offer a streamlined workflow, standardized notes for easy reference, and an improved experience for both customers and agents.

Analytics

Automated systems can analyze customer data to provide personalized responses to customer queries. Analytics can also help businesses identify areas for improvement in their contact center operations. By using a suite of products to automate analysis, contact center leaders can gain new levels of insight into agent performance, best practices, training needs, and compliance and QA.

Real-time agent assistance

Gone are the days of paper scripts and lengthy retraining sessions every time regulations or new processes are put in place. AI can automate the process of coaching agents through calls, including guiding them through new procedures and giving agents the opportunity to relax and connect with customers without worrying about what steps they might be missing.

Chatbots

Automated systems can provide customers with chatbots that can handle common queries, reducing the need for human agents.

Interactive Voice Response (IVR)

Automated systems can provide customers with an IVR system that can handle common queries, speeding up customer response time and allowing agents to spend their time on more complex issues that require a human touch.

Automation is a game-changer for consumer finance contact centers. With automation, businesses can streamline their contact center operations, reduce operational costs, and improve customer experience. Automation can also help businesses comply with regulations, improve efficiency, and enhance scalability. Consumer finance teams have new opportunities to transform their processes with AI-powered automation.